Older couples should have a premarital agreement before they wed.
Those who are nearing or have entered retirement have spent decades building their financial security.
Individuals planning their weddings at this stage should not sacrifice their financial security for love.
Whether the upcoming nuptials are their first or a remarriage after a divorce or death, there are significant joys and risks.
Because older couples tend to have more individual wealth brought into the marriage and may have children from previous relationships, their legal and financial landscape is a bit more complicated.
A premarital agreement can help both parties protect retirement savings, real estate, inheritances, and other assets accumulated by each individual.
Although many people associate premarital agreements with a lack of trust in a relationship, they do more than protect assets in the case of divorce.
Prenuptial agreements provide transparency and protection for all loved ones and reduce the likelihood of court battles after a death.
Older couples bring more life experiences and personal wealth into new marriages.
Unlike young people marrying immediately after leaving college or early in their careers, older couples have more established personal wealth.
They may own investment portfolios, businesses, homes, or have financial obligations for child support or alimony.
Those with adult children may wish to provide financial support or inheritance for their children and grandchildren.
If no premarital agreement exists, state laws will govern the division or distribution of assets after death or divorce.
Neither husband nor wife would have control over how the assets are handled.
In many states, a surviving spouse is entitled to a significant portion of the estate.
This could leave the children from a previous marriage with smaller inheritances than the deceased spouse intended.
Yikes!
Because a premarital agreement can outline wishes for outcomes, it provides both clarity and protection in the case of settlements after death or divorce.
Prenuptial agreements should include the handling of debt and assets during the marriage as well as after it ends through death or divorce.
What topics should be included?
Older couples should outline their separate and marital property and how debts incurred before or during marriage should be paid.
They must decide how assets acquired jointly should be divided.
These couples should specify inheritances for any children from previous relationships.
They should also determine the amount of spousal support or decide to waive it.
Although premarital agreements typically address financial matters, couples should also prioritize wishes regarding healthcare decisions in their estate planning documents.
Child custody and child support are not typically allowed to be decided before a divorce, but property matters can be addressed in advance.
One critical area I see overlooked is how to pay for long-term care costs should one or both spouses need care.
Warning: the assets of both spouses are counted when determining Medicaid eligibility, if that ever becomes relevant.
Consequently, unless both spouses have resources to "self fund" long-term care costs, long-term care insurance should be part of the family financial calculus.
When older couples marry, it is common for them to have children from previous relationships or marriages.
With a premarital agreement, family inheritances can be protected.
Neglecting the establishment of a premarital agreement can mean assets intended to pass directly to children end up in the hands of the spouse.
Although a premarital agreement is important, it should be used with updated trusts, last wills, and beneficiary designations to compose a comprehensive estate plan.
Premarital agreements promote love by protecting family members from misunderstandings and painful legal arguments.
Although financial discussions are often avoided due to their uncomfortable nature, they are essential for providing you and your new spouse with a strong foundation in marriage.
A premarital agreement promotes conversation about expectations, values, money, caregiving needs, retirement plans, and financial obligations.
These conversations and legal documents demonstrate mutual respect and foster shared goals and understanding.
Before signing the premarital agreement, both parties should have their own respective attorneys review the document.
Why?
Doing so ensures the agreement cannot be challenged later due to misunderstanding or coercion and enables each person to comprehend their obligations and rights clearly.
Working with an experienced family law or estate planning attorney protects the unique circumstances of you and your loved ones.
Older couples have lived more of life and accumulated separate family inheritances, retirement savings, and assets.
Without a premarital agreement and estate planning documents, state laws could override your personal preferences.
Premarital agreements can prevent conflict, protect adult children, and strengthen the relationship between spouses through fostering honesty and trust.
Address how to fund long-term care costs while both spouses have the health and wealth to consider long-term care insurance.
Having separate attorneys review the document allows you to create a fair and binding legal agreement to shield you and your loved ones from future issues.
This post is for informational purposes only and does not provide legal advice. You should contact an attorney for advice concerning any particular issue or problem. Nothing herein creates an attorney-client relationship between Harvest Law KC and the reader.
References: American College of Trust and Estate Counsel (ACTEC) (Nov. 5, 2020) "What Is a Prenuptial Agreement?" and Hello! Magazine (April 2025) "King Charles and Queen Camilla's Separate Homes: Was a Marital Agreement Involved?"
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